Goldman Sachs & Barclays jumped into direct crypto trading company investment to step up with the crypto & blockchain adoption trend.
Elwood Technologies is a crypto firm, which provides market access to the world’s leading crypto trading and liquidity venues through a single, integrated platform. This platform works to bring only institutional crypto traders on its platform. This firm was founded by Alan Howard, who is a British hedge fund manager.
On 15 May, Financial Times reported that Goldman Sachs, a giant financial & Banking firm and the UK-based firm Barclays joined a $70 million Series A funding round for Elwood Technologies.
This funding round was also joined by Commerzbank (crypto-friendly German bank), Galaxy Digital, and Dawn Capital (digital assets investment manager).
With all this funding support, Elwood Technologies secured a total of $70 million through this round. And now the company valuation is standing at $500 million.
However, the crypto market is a highly volatile money market, unlike the stock market, but still Elwood stated that traditional banking firms and institutions will show huge interest in the crypto industry. This funding round was announced by Elwood during the situation, when the crypto market faced a 15% capital fund outflow.
James Stickland, chief executive officer of Elwood Technologies, shared his stance on this funding round and noted that such funding is a sign that financial institutions have faith in this industry for the long term.
“We’re getting investment from financial institutions that aren’t expecting to get massive returns in 15 minutes. They’re investing in the infrastructure, I think it’s a reassurance message.”
The entry of Goldman Sachs in this Funding round is a clear hint that Goldman Sachs is not planning to stop its efforts in Crypto and also it wants to be a leading traditional financial supporter company in the crypto & blockchain industry.